Are you worried about unemployment?
Have you been made redundant or have lost income because of the impact that Coronavirus is having around the world?
So many people are now finding themselves in a situation that means they will not be able to feed their families and prospects continue to get worse with some predictions stating that the worst is yet to come.
I want to help you understand what is happening around the world with our economies and how you can help yourself make money after losing your job, so you have a better chance to provide for your families.
So much in this world is uncertain and we cannot afford to leave our lives in the hands of others. At some point in time we need to help ourselves take control so I really hope that this article may help you.
Around the world governments are faced with difficult decisions regarding the health of the nation on so many scales.
World leaders are faced with difficult decisions with limited information. Our learning process is slow as there is so much unknown about the coroner virus and how it will mutate or slow down. A vaccination is coming along nicely but scientists feel that we are still 9 months away from any solutions.
Coronavirus is really hurting the more vulnerable in unrelenting measures but equally with the difficult effects this disease is now having on the economy our populations could face other health issues caused by starvation brought upon us by job losses. Homes will be lost, and families uprooted due to the financial crisis they believe is yet to come.
Certainly, in the United Kingdom job losses are at an all time low and set to get even worse as the government support schemes are wound down and the winter months start to draw in.
UK payrolls have taken a nose dive since the pandemic by 600,000 and work related benefits including unemployment currently stands at 2.8 million. However, analysts predict that the full effect will not hit until October when things are more likely to get worse.
Currently Scotland is faced with the highest unemployment rate in the whole of the UK. Wales has now got twice the amount of benefit claims then it had before the pandemic.
This has created such uncertainty within the labour market and Trade Union Congress having to put the labour market on red alert.
HMRC has confirmed that as of 1st September 2020 9.1 million people are still under the furlough scheme with many of those people not set to return to work as firms start to make people redundant.
Employment has seen the biggest drop for the first time in years. In 2014 employment stood at 27 million people and has reason steadily over the years until March 2020 when it was at an all-time high of 29 million people. Currently employment stands at 28.4 million which includes those people currently on furlough. What will happen in October?
To add to this situation job vacancies have also seen a record fall from March 2020 to May 2020. In March 476,000 Job Vacancies were available as opposed to May where that figure dropped to 342,000 from the previous quarter and it is believed that there is worse still to come. This has meant that UK unemployment now stands at 3.9% of the population.
This has meant that for many people who have already been made redundant they are finding it extremely difficult to get work. A HR Manager from Essex Aged 34 whose earnings were at £40K per year lost her job during the Coronavirus Pandemic. She has since applied for over 100 jobs and is still currently no closer to finding work.
There are currently 8 people chasing 1 job in the UK and Economists are suggesting that unemployment will shortly hit 10% which will have seen the highest figures since the mid 1990’s.
The biggest Job Markets that are bearing the brunt are within these industries.
Hospitality – Frankie & Bennies Restaurants
Building Trade – Travis Perkins
Travel – British Airways
Petroleum – BP
Car Manufacturers – Rolls Royce
Retail Outlets – Marks & Spencers
Most of the above are bigger organisations and just a small sample of the labour market today. So many other businesses are faced with similar situations with the biggest being hit in the Car, Aviation and Hospitality Industries.
Whilst I have only reported on statistics from the United Kingdom these issues are also being faced around the world. Coronavirus is a global pandemic and so too is the economy.
Worldwide Digital Population
More and more of us are faced with being at home and working from home for longer periods of time. As a direct result it is no surprise that digital users have increased.
According to the figures from July 2020 4.57 billion people are currently online and this is increasing all the time. This equates to 59% of the global population using the worldwide digital web.
Northern Europe is ranked the highest with a 95% internet penetration rate among the whole population. This equates to approximately 705 million users now online.
This has also seen increased Social Media usage with so many people having extra time on their hands to try new things.
Facebook – 2.6 Billion Active Users visiting monthly
YouTube – 2.0 Billion active users visiting monthly
Pinterest – Fastest growing with 10 million active users monthly
All the other social media platforms have all seen increases and this trend is set to continue growing.
I know that once I started to use social media it became part of my everyday life so much so that I set times during the day when I go in and have a look unless I am using for work.
Global Online Shopping
Of course, as social media has been on the increase and the fact that for a number of months, we have been unable to purchase goods by going to the shops, virtually everyone has moved to online shopping.
A total of $4 Trillion has been spent so far to date this year. This relates to 10 % of retail sales from e commerce in USA with other countries not too far behind.
Per shopper, spend this year online from the top countries is as follows
I know that I have certainly changed my online presence especially as I still cannot try on clothes in the shops. Online shopping for me is much easier and you can try on clothing at home in your leisure and return those that you do not want with considerable ease and no cost.
Amazon is by far out in the front for online shopping and had already seen their sales increase by 27.66% in the last twelve months up to 30 June 2020. Sales had increased in the quarter up to 30 June 2020 up by 40.23% against the same time 2019.
Amazon is one of the few firms advertising job vacancies looking for about 7000 people currently.
1 in 4 online shoppers are buying a minimum of once per week.
Digital buys have seen a growth in penetration of 47.3%.
The reason why people are taking to shopping online in order of the highest ranking are
Ease of price comparison
Research of product Information
Great online reviews
Varying product options
Find out what is in store
On Mobile to find out info on in store products
Can buy anytime that is convenient
Purchase virtually any product
78% of people prefer to buy online and a lot of this is attributed to the fact that you have free returns which is a priority for 39% of shoppers.
The Biggest online shopping products are in
Health & Beauty
Added to this is also online food shopping which has also seen a rise. Marks & Spencers have just joined forces with Ocado for their deliveries. Waitrose moves across to trialing with Deliveroo to an effort to bring their time slots down to half hour from point of purchase.
As the worldwide wide digital consumers have increased and has seen more people buying online, more and more companies are turning to affiliate marketing to promote and sell their brands.
81% of brands are now using affiliate marketing to drive sales and increase their income.
84% of publishers are now increasing the leverage of affiliate marketing to promote their products and services.
How Does Affiliate Marketing Work?
Affiliate Marketers promote and recommend products and services on behalf of various brands and in return make a commission on any item sold through their affiliate links.
Top Affiliate Programs In Highest Ranking Order
Share A Sale
Between 15% to 30% of the total digital media spend is now attributed to affiliate marketing. This steady growth has hit an all time high of $6.8 billion and is still increasing. Less and less marketing is now being spent using traditional methods such as newspapers or radio.
Search interest on google for “Affiliate Marketing” has grown by 44% from Dec 2017 to June 2018 and continues to increase further.
Advertising specialists are now using Affiliate Marketers more than ever to boost their conversion rates and improve their online purchases.
Promotion figures show that affiliate marketing has a massive effect with advertisers
83% Brand Awareness
79% Engage existing customers
It is understandable to see that advertising is hugely benefiting from the online market.
Advertising through Affiliate Marketing sees its biggest growth in Fashion, Sports & Outdoor Equipment followed closely by Health & Wellness and beauty products.
Anwin Affiliates earned an estimated $700 million last year alone.
Several people still do not fully understand affiliate marketing and why people might want to use them. However, everyone knows and loves Groupon who is one of the biggest Affiliate Marketers.
As more and more individuals look to earn an extra income from affiliate marketing the net result is also healthy.
35% of all affiliate marketers earned over $20,000 last year, with one of the top earners receiving an income of $7 million in just one year.
However, affiliate marketing is not for everyone and there are no quick rich schemes. To earn a good income, you need to be promoting an average of 1 to 10 products. It will take you approximately 6 months before you start to see any income at all. You will also have to put in the work effort, but it does pay off for those who want it too. Have a look at my training tip on how to start a online business for free to find out more.
So, if you are faced with an unsettled future and not to sure if you will be in employment like so many others than there are plenty of ways that you can supplement your income and take control of your own finances.
The world is changing, and it is inevitable that to stay ahead of the game you have to fully understand your options and choose the ones that are right for you.
I too lost my job through this pandemic and like so many other people I looked to find opportunity within a world that has been really shaken on its head.
I did not have all the answers, but I had already researched into what I could do for myself. Since lockdown, I have created two businesses which I am working hard to promote so that I can lead the life that I want.
Spending time with my family and friends is really important for me as I no longer want to be working 70 hours per week for other people who cause nothing but extra stress.
My passion is health and fitness so I have been able to create a business for myself that allows me to help others take control of their own health, especially now at a time when this is so important. A time when our health really does matter and I feel I am making a difference.
I also joined Wealthy Affiliate so that I could promote products and services that I believe in and can help others through my honest reviews. This network is full of like-minded individuals who are sharing their experiences and helping one another.
I want a business I can be proud of that is going to give me the work life balance that I have been missing. I want to use this pandemic to my advantage rather than feel like a victim.
It will not be easy but nothing in this world worth fighting for ever is!
Do not be a victim and look after your family by taking control of your finances in a way that suits you.
If you need any help or advice, then please leave me a message in the comments below and I will give you all the help that I can.